CBN increases interest rate to 27.25%

The Central Bank of Nigeria has increased the Monetary Policy Rate (MPR) to 27.25 per cent from 26.75 per cent. This will be the fifth time the apex bank has raised interest rates this year.

The committee was unanimous in its decision to further tighten policy and thus decided to raise the MPR (benchmark interest rate) to 27.25 per cent. The asymmetric corridor is retained around the MPR at +100/-300 basis points, the cash reserve ratio (CRR) at 45 per cent, and the liquidity ratio (LR) at 30 per cent.

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